FM urges Berlin to launch negotiations on implementing 2nd tranche of dept swap deal

BERLIN - 17 February 2018: Egyptian Foreign Minister Sameh Shoukry urged German Deputy Finance Minister Jens Spahn to start negotiations on the implementation of the second tranche of the current dept swap agreement worth EUR 170 million as well as to sign a new dept swap deal.

In a meeting with Spahn, on the fringe of Munich Security Conference 2018, Shoukry lauded Germany’s support of the Egyptian economic reform program in light of offering a EUR 500 million loan to support Egypt’s 2017/2018 general budget.

The Egyptian top diplomat stressed Egypt’s keenness on boosting German investments in the country, especially in light of the development leap it is expected to witness thanks to the current mega projects being implemented, said Egyptian Foreign Ministry spokesman Ahmed Abu Zeid.

Shoukry voiced Egypt’s appreciation for the Egyptian-German development cooperation, that enabled both sides to sign several technical and financial agreements for years 2015-2016-2017, saying the development sector is considered a pillar for the distinguished relations between both countries, the spokesman noted.

For his side, Spahn affirmed that Egypt has proven that it is a stable and strong partner for Germany, expressing his country’s keenness on promoting such economic and development cooperation, Abu Zeid cited.